| Selected Quarterly Financial Data |
18. Selected Quarterly Financial Data—UNAUDITED
Unaudited quarterly financial data are as follows (in thousands, except per share amounts):
|
|
1st
Quarter
|
|
|
2nd
Quarter
|
|
|
3rd
Quarter
|
|
|
4th
Quarter
|
|
|
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
|
124,393
|
|
|
$
|
123,323
|
|
|
$
|
110,281
|
|
|
$
|
129,099
|
|
|
Operating income
|
|
28,196
|
|
|
|
32,888
|
|
|
|
15,700
|
|
|
|
33,166
|
|
|
Net income (loss)
|
|
24,299
|
|
|
|
33,315
|
|
|
|
(1,297
|
)
|
|
|
23,365
|
|
|
Basic and diluted earnings (loss) per common share
|
|
0.17
|
|
|
|
0.23
|
|
|
|
(0.01
|
)
|
|
|
0.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
|
77,715
|
|
|
$
|
99,655
|
|
|
$
|
107,403
|
|
|
$
|
115,213
|
|
|
Operating income (loss) (1)
|
|
(166,614
|
)
|
|
|
(126,997
|
)
|
|
|
(58,276
|
)
|
|
|
21,319
|
|
|
Net income (loss) (1)
|
|
(190,509
|
)
|
|
|
(120,922
|
)
|
|
|
45,928
|
|
|
|
16,483
|
|
|
Basic and diluted earnings (loss) per common share (1) (2)
|
|
(2.49
|
)
|
|
|
(1.58
|
)
|
|
|
0.48
|
|
|
|
0.12
|
|
|
|
(1)
|
During 2016, we recorded in first, second and third quarter ceiling test write-downs of oil and natural gas properties of $116.6 million, $104.6 million and $57.9 million, respectively. In the third quarter of 2016, we recorded a gain on exchange of debt of $123.9 million. See Note 1 and Note 2 for additional information.
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|
|
|
(2)
|
The sum of the individual quarterly earnings (loss) per share does not agree with the year loss per share because each quarterly calculation is based on the income for that quarter and the weighted average number of shares outstanding during that quarter. During the third quarter of 2016, 60.4 million shares of common stock were issued in conjunction with the Exchange Transaction.
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